Fuel prices have began going down at the pumps in line with the fortnight review of prices of petroleum products.

Oil Marketing Company, GOIL, has taken the lead cutting prices of petrol and diesel at the pumps today, May 16, 2023.

The largest indigenous oil company is selling a litre of petrol at ¢12.30, from the previous price of ¢12.64.

It is also selling diesel at ¢12.30, compared to the previous ¢12.64 sold on May 1 2023.

By this, GOIL has reduced the prices of petrol and diesel by about 34 pesewas.

It is expected that other Oil Marketing Companies will follow suit by slashing prices of petroleum products by close of day today, May 16, 2023.

The reduction in prices of petroleum prices has been attributed to reduction in finished petroleum products on the international market as well as the stability of the cedi.

Crude oil prices hovered around $75 per barrel in the last fortnight.

As of Tuesday morning, WTI was trading at $71.47 per barrel, while Brent crude tumbled to $75.65 per barrel.

IES predicts a fall in prices

Earlier, the Institute for Energy Security (IES) predicted a drop in prices of petrol, diesel and Liquefied Petroleum Gas (LPG.

“The IES monitoring of prices over the past two weeks on the Global Standard & Poor (S&P) Platts platform indicate the prices of gasoline [petrol], gasoil [diesel], and Liquefied Petroleum Gas (LPG) decreased by 8.40%, 9.98%, and 13.43% respectively. The Ghana cedi also gained 0.17% against the US greenback currency”.

It added “following the drop in prices of petroleum products on the international market, coupled with the strong performance of the Ghana Cedi, domestic prices for all petroleum products are projected to fall”. Gasoil, Gasoline and LPG are expected to sell at ¢12.30, ¢12.15 and ¢12.12 respectively”.